Prices for GMO-Free Soy Soar

Prices for GMO-Free Soy Soar

TOKYO--The Tokyo Grain Exchange, in an attempt to determine a fair price thataccurately reflects the growing demand for non-genetically modified organisms (GMO)products, began trading with the United States for GMO-free soybeans. On May 23, threeother regional exchanges started handling future contracts for soy with a GMO mixture of 5percent or less, which follows the guidelines issued by the Ministry of Agriculture,Forestry and Fisheries. All four of the exchanges now deal with GMO-free soy andgenetically modified versions of the bean; prices will now be set for both types. Costsassociated with non-GMO soy have pushed the wholesale price by 20 to 30 percent; foodcompanies are gradually coming under pressure since they are unable to pass on the highercost of soy. This has raised the cost of raw ingredients by nearly 20 percent, forcing theprice of tofu and other soy products to increase.